Clients of WageDayAdvance whom feel they will have a genuine claim for mis-selling must not wait.
WARRINGTON, ENGLAND – Allegiant Finance Services, the UK’s payday that is original claims expert business, has today highlighted a filing by Curo Group Holdings Corp, the US parent business of WageDayAdvance. The filing shows WageDayAdvance has proposed an arrangement into the UK’s Financial Conduct Authority which will see its obligation to clients for pay day loan payment limited by simply ВЈ17.9 million, despite it likely facing future claims potentially operating into tens of millions. Claims in Q3 & Q4 of 2018 alone accounted for $7.6 million based on WageDayAdvance’s reports with numerous claims staying undealt with due to backlogs. This surprise revelation comes soon after WageDayAdvance announced it expanded its client base from 16,500 in 2017 to 23,500 in 2018, with cash till payday central revenue up from $14 to $20 million.
Jemma Marshall, Handling Director of Allegiant Finance Services commented
“This is really a profoundly concerning development. WageDayAdvance is component of the lucrative group that is international. It seems Curo is stating that in the event that FCA doesn’t consent to WageDayAdvance’s proposition to limit its liabilities that are historic may alternatively place WageDayAdvance into management or something like that comparable, the same as Wonga. Our concern is in the event that proposed scheme is agreed by the FCA, WageDayAdvance should be able to trade lucratively as time goes by while its clients haven’t been completely paid – what message does that send down to consumers and other pay day loan loan providers whom may check out follow suit? Continue reading “PAY DAY LOAN SCANDAL Another Major Payday Loan Lender Regarding The Brink: Leading Pay Day Loan Claims Company Warns That Wageday Advance Could Be The Next Payday Lender Lining As Much As Write Off Compensation Liability.”